Overview

Detailed Summary

Ceigall India Limited is an Indian infrastructure EPC and HAM player focused on complex civil works — highways, elevated roads, tunnels, metros, runways, and increasingly renewables and T&D — with 23+ years of operating history and a presence across 12 states plus a newly incorporated Singapore subsidiary for international expansion.
The company carries a materially large and diversified order book of ~₹1,32,681 million (as of 31-Dec-2025), with HAM projects representing ~51% and renewables ~24%, providing multi-year revenue visibility and a book-to-bill ratio of ~3.2x that supports steady execution and bidding capacity for Ceigall.
Ceigall is actively monetising HAM assets to recycle capital — completed the Malout–Abohar sale to Neo Asset Management (total consideration ~₹1770 million) — a structural move to de-leverage the balance sheet and fund equity requirements for large solar, BESS and new HAM projects while preserving execution focus.
Financially, FY25 consolidated revenue reached ₹34,367 million with EBITDA ~₹5,184 million (15.1% margin); Q3FY26 consolidated revenue grew ~19% YoY but margins compressed somewhat in 9M FY26 versus prior year, driven by mix and higher working-capital intensity as WIP and debt funding for HAM projects expanded.
Operationally Ceigall is scaling into renewables and T&D while maintaining strong civil execution credentials, leveraging AI-enabled bidding and project-monitoring partnerships, and pursuing international footholds via Ceigall Global Pte. Ltd., signalling an intent to convert domestic project execution strength into new verticals and geographies.

Sector: Construction
Industry: Civil Construction
Market Cap: 5,339 Cr
Volatility: Low Risk
P/E Ratio: 19.8
Industry P/E: 25.3
PEG Ratio: 0.8
P/B Ratio: 2.8
52W High: 308.30
52W Low: 223.00

Sales CAGR

1Y: 13.45%
3Y: 44.12%
5Y: 30.85%
10Y: —

Profit CAGR

1Y: -5.83%
3Y: 28.61%
5Y: 24.78%
10Y: —

ROE

TTM: 13.34%
3Y: 22.26%
5Y: 24.13%
10Y: —

ROCE

TTM: 14.66%
3Y: 30.64%
5Y: 32.66%
10Y: —

Technicals

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

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Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

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Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WELENT		483.00	6,694 Cr	19.51	2.49	0.61	12.95	15.33	5.25
AHLUCONT		832.30	5,579 Cr	20.89	2.90	0.07	13.65	16.45	6.77
CEIGALL		286.60	5,339 Cr	20.58	2.76	0.00	13.34	14.66	5.56
PNCINFRA		174.85	5,222 Cr	12.69	0.79	0.29	6.28	11.19	5.80
HCC		17.31	5,001 Cr	30.30	2.39	0.00	-6.13	13.25	2.30
SWSOLAR		195.20	4,538 Cr	20.98	9.65	0.00	44.47	23.95	-7.87
HGINFRA		546.05	4,050 Cr	10.61	1.31	0.32	13.38	9.94	3.77
Median: 7 Co.	—	286.60	5,222 Cr	20.58	2.49	0.07	13.34	14.66	5.25

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	741	695	944	822	772	831	1,012	838	807	991
Expenses	614	555	779	678	649	707	884	729	693	852
Operating Profit	127	140	164	144	123	123	128	109	114	139
OPM %	17.09	20.08	17.41	17.52	15.93	14.85	12.64	13.02	14.09	14.04
Other Income	8.81	12	8.16	7.81	15	11	23	14	17	11
Interest	24	21	26	35	35	27	37	42	37	37
Depreciation	14	13	16	13	14	12	16	14	16	16
Profit Before Tax	97	117	131	104	88	95	98	67	77	97
Tax %	23.98	33.27	17.23	25.08	25.70	25.11	26.09	23.87	27.28	25.41
Net Profit	74	78	108	78	66	71	72	51	56	72
EPS in Rs	—	—	6.21	—	4.04	4.06	4.16	2.95	3.22	4.16

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	873	1,134	2,068	3,029	3,437	3,453
Expenses	713	948	1,773	2,512	2,918	2,969
Operating Profit	160	186	296	518	518	483
OPM %	18.29	16.40	14.29	17.09	15.08	14.00
Other Income	12	13	19	37	56	63
Interest	6.54	11	52	94	134	142
Depreciation	14	19	38	55	56	56
Profit Before Tax	151	169	225	405	385	348
Tax %	25.62	25.73	25.72	24.93	25.49	25.29
Net Profit	113	126	167	304	287	260
EPS in Rs	—	—	—	18.70	—	14.49
Dividend Payout %	0.00	0.00	7.04	3.87	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.98	39	39	79	87
Reserves	304	392	554	809	1,745
Borrowings	30	316	703	1,066	1,397
Other Liabilities	139	212	532	638	1,018
Total Liabilities	474	959	1,828	2,592	4,248
Fixed Assets	67	126	249	301	339
CWIP	0.73	3.95	1.84	2.01	23
Investments	13	71	23	2.22	5.74
Other Assets	394	759	1,555	2,287	3,880
Total Assets	474	959	1,828	2,592	4,248

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	103	-135	-73	-211	-520
Cash from Investing Activity	-20	-164	-134	-38	-130
Cash from Financing Activity	-6.50	310	326	275	846
Net Cash Flow	77	11	119	26	197

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2024	Aug 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	99.99%	82.06%	82.06%	82.06%	82.06%	82.06%	82.06%	82.06%	82.06%
FIIs	0.00%	3.83%	2.97%	1.58%	1.47%	1.81%	2.48%	2.90%	3.14%
DIIs	0.01%	5.12%	6.88%	7.66%	8.23%	7.33%	5.66%	5.08%	5.37%
Public	0.00%	8.99%	8.09%	8.70%	8.24%	8.81%	9.79%	9.97%	9.44%
Total Shareholders	8	3,04,290	1,92,262	1,79,431	1,70,885	1,67,926	1,66,761	1,59,998	1,49,520

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan